NAMA - Destroying our future to bail out the bankers and property speculators

Members of Sinn Féin from across North County Dublin turned out in force last Saturday to march against the ripping off of the Irish people, that is NAMA.

Sinn Féin Vice President Mary Lou McDonald spoke to the assembled crowds and said the Fianna Fáil/Green Party Government must fall. Ms. McDonald said any Government which prioritises greedy bankers over the welfare of children can no longer have the support of the Irish people and should be ashamed.

Ms. McDonald said, “This Government plans on spending €54billion to bail out its friends in the banking sector. That is a colossal debt to place on the shoulders of Irish citizens.

“At a time when unemployment is out of control, hospital services are being cutback and thousands of children are being taught in prefab accommodation, this Government’s sole focus has been on how the can dig their developer and banker friends out of the mess which they have created, a mess which has directly affected all of us.

“So the Government has come to us, the taxpayers, to pay for this mess. It is all of us who worked hard to build the Irish economy that are being told we must pay for this mess. But of course we are already paying for the mess with our schools and hospitals and our public services.

“But that’s not enough for this Government. No, now they want to put their hands in the pockets of every man, woman and child in the state to the tune of €12,000. And what do we get for this money? We get nothing because the NAMA plan is flawed and cannot work. So I say no! This cannot be allowed to happen.

“This Government has lost the run of itself. It is out of touch with the reality facing the vast majority of people in this state. It cannot be allowed to continue making decisions that are detrimental to our society. This Government must fall and it must fall soon.”

Referring to Government plans to target Child Benefit for cuts Ms. McDonald said:

“It is an absolute outrage that this Fianna Fáil/Green Government is about to target Child Benefit for cuts again. Many thousands of families are dependent on Child Benefit for such basic necessities as children’s food and clothing. But even these are not out of bounds for this Government.

“And now our children are also being targeted under the McCarthy Report with more education cuts and medical card cuts.

“Any Government which prioritises greedy bankers over the welfare of children can no longer have the support of the Irish people and should be ashamed of themselves. So let’s be clear, this Government needs to fall and it needs to fall soon.”

THE ECONOMIC COLLAPSE - but nobody warned us! LIAR LIAR PANTS ON FIRE

Will Fianna Fáil ever stop lying to us?

Fianna fáil are continually trying to blame the disastrous economic situation in this country on unforeseeable world economic circumstances and in no way is Fianna Fáil, Blessed Bertie or Biffo to blame for what the nasty big world has done to Ireland. However, the fact that our economy was being run in a reckless, criminal manner was foreseen by one party, Sinn Féin. We saw the crazy government fuelled property boom for what it was and we called on the government, and other parties, to take action. We called for an end to tax and PRSI cuts because the policy was economic madness. Weere we listened to? No!

Sinn Féin repeatedly tackled government Ministers regarding their failure to take any measures to stop the escalation of house prices. We questioned government Ministers regarding the development of a property bubble and we regularly and consistently warned the Government that the reliance on property and consumption taxes could not be sustained and that the tax base needed to be broadened.

We called for the ending of tax breaks which were fuelling the property bubble and for the introduction of a tax on second homes to curb growing house prices which were seeing investors price first time buyers out of the market. We opposed the cutting of capital gains tax on the basis that it would fuel the property bubble and make it more profitable to speculate in property than to run a business.

Our record is clear, Sinn Féin opposed proposals by Fianna Fáil, Fine Gael and Labour in advance of the 2007 election to cut taxes on the basis that taxes had already been cut to unsustainable levels and we opposed proposals to cut PRSI on the same basis. Any examination of Sinn Féin’s record in the Dáil from 2002 - 2007 in particular will verify these facts. All of our TDs are on record raising these points on numerous occasions.

Unfortunately, rather than consider or even listen to our views, we were described as economic illiterates and disregarded. We now see the consequences of that attitude in the extent of the economic recession

Now once again they are asking us to believe their lies. They claim NAMA is the only way to solve the banking crisis. They say that cuts to public expenditure are unavoidable and the recommendations of An Bord Snip and the Taxation Commission are the only way forward.

The fact is that Fianna Fáil has neither the mandate nor the moral authority to implement NAMA, the McCarthy report or the Commission on Taxation report. They cannot be trusted, nor do they have the competency, to steer this economy in the right direction and a general election should be called immediately.

We in Sinn Féin believe that the economic crisis created by Fianna Fáil must be tackled, but that those who can afford to pay must be asked to pay the most. Those who are either unemployed, ill, in full time education, have special needs, are raising families on modest incomes etc, these people should not be asked to suffer for the failures of Bertie, the property speculators, the greedy bankers and the super rich. No those that can afford to pay should help us through this crisis.

Nine reaons Balbriggan and the people of Fingal should say "NO TO NAMA" and bailing out the bakers and property speculators

1. Economists have estimated NAMA will cost each man, woman and child in the state €15,000 (€60-€70 billion). That's a lot of hospitals, schools, jobs and public infrastructure.

2. The Government has done nothing to help families and businesses facing repossession, negative equity and economic hardship, they still have to pay their bills, and it is raising taxes and cutting public spending to pay for the mess they, the banks and developers have made.

3. NAMA will pay more for developers' loans than they are worth and let them pay them back at their leisure.

4. The Bill relies on banks to act in 'good faith' when giving the taxpayer information about the bad loans.

5. The loans these developers were given helped to drive up house prices, so we're being made to pay twice.

6. NAMA will be able to give taxpayers' money to developers to finish projects and even force a purchase on land in the way of developments.

7. The Minister for Finance (currently a Fianna Fáiler -- the builders' friends) will have the power to overturn 'independent' valuation of developers' loans made by NAMA and pay them more.

8. There is no guarantee that the banks will start lending even after NAMA clears their bank sheets.

9. It will cost money to sort out the banks and the bad loans but nationalisation would allow us to deal with the developers, kick out the corrupt management, get banks lending again, protect homeowners and businesses, and entail the least pain for the taxpayer.

NAMA IS CLEARLY A BAD DEAL FOR ALL OF US, SO DON'T LET FIANNA FÁIL GET AWAY WITH IT.